look news india
Gold price at all-time high today: Rising geopolitical tensions globally and interest rate cuts by the Fed have boosted demand for the precious metal. As a result, gold and silver prices have hit new record highs for three consecutive days. The retail price of gold in Ahmedabad has crossed Rs. 77000 per 10 grams.
Yesterday, the price of gold reached a historic level in Ahmedabad. After reaching a peak today, it reached Rs 77300 per 10 grams. It is being quoted at 77300-77800 per 10 grams. While silver is being quoted at the level of 87500-89500 per kg. Gold and silver prices have increased across the country. In the morning session, gold was trading at Rs. 1922 per kg and silver at Rs. 496 per kg, but later the prices fell.
Gold rose on MCX, silver fell
Gold has been shining for the last three trading sessions on MCX, while silver has seen a slight increase. At the time of writing the news of MCX Gold October 4 futures was trading at Rs. 200. While Silver December 5 futures fell to Rs. 438. It was trading at the level of 91955 per kg. In the local market too, silver remained stable at Rs. 88000 for the last two days.
Reasons for rise in gold and silver
Globally, spot gold is hitting record highs as the US dollar index weakened on expectations of further interest rate cuts by the US Fed Reserve. Moreover, demand for the precious metal in local markets has exceeded revenues. Higher global prices have pushed up prices in domestic markets as incomes have fallen. Investors are turning to safe havens as the war between Israel and Lebanon worsens.